We look closely at Irving, TX in today's update.
3 new listings saw an average $/sqft at $186.10. This reflects a slight correction from the $200/sqft we have seen throughout 2022 for Irving on a median/average basis.
This comes on the news that mortgage rates reached 6.92%, a 20-year high per the Wall Street Journal. A year ago, the average was 3.05%, showing why we are likely in for a continued price correction in home sale prices through the end of year and early 2023 due to decreased affordability for buyers.
Again, per the Wall Street Journal, a buyer that puts down 20% could have afforded a house costing close to $449,000 in January. Today that same down payment would purchase a $339,000 home!
It's important to remember, these figures are on an average basis as there are buyers that continue to lock mortgage rates at lower than the average. Consult with your lender!
Expect another 0.75 rate hike from the Fed in November.
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Talk soon. Eddie.
